Washington, D.C. – The COVID-19 pandemic has already had a deep and severe impact on the wellbeing of America’s small and microbusinesses.
A report released today by Prosperity Now details the scope and importance of microbusinesses in the United States; the role women, racial and ethnic minority business owners have in this sector; and how these firms have been devastated by the pandemic and left behind by the implementation of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Microbusinesses, defined as firms with one to nine employees and non-employer firms, are historically the most vulnerable to financial shocks.
Of the microbusinesses in these industries, 24% are owned by women and 32% are minority-owned businesses.
While the CARES Act is a vital component of our nation’s recovery from and response to COVID-19, the implementation of key components has excluded too many small and microbusinesses.